There are a variety of factors to consider when you are ready to sell your home. However, without a doubt, one of the most important things you have to keep in mind is setting the right price. This is very important: Too high and you won’t get any offers, but too low and you risk costing yourself thousands of dollars. What should you keep in mind when you put your home on the market? Here are three tips.
The Price Must Be Right
Keep in mind that homes lose and gain value over the years, so choosing the right price can be difficult. This is why discussing pricing strategy with a real estate agent is a good idea. A realtor will be able to show you comparable homes in your neighborhood and give you a better idea of the right level to set your price. Of course, there are other strategies, too. For example, if there’s a seller’s market, you can price higher. Alternatively, if you are in a rush, you can lowball your home and see how quickly you can move.
Set Money Aside for Repairs
Unless you are selling your home in “as is” condition, you’re going to have to make repairs in order to get your house ready for the market. Sometimes, you can get by with a fresh coat of paint. Other times, more extensive repairs are needed. Talk with a realtor to determine what you will actually need to repair, and budget accordingly from there.
Check About Your Escrow Account
Most homeowners have an escrow account. This account is where tax and homeowners insurance are deposited, then distributed by your mortgage company when it’s time to make a payment. The issue depends on timing. Depending on when it’s time for you to move, you may owe money to the escrow account, or be owed thousands of dollars. The answer truly depends on the billing cycle and when you move, so make sure you check out this information before you do move.
Each individual’s price point will be different, depending on a variety of factors. The best thing you can do is talk with financial and real estate professionals to determine the right decision for you. Remember, this is a major decision. Consulting with appropriate experts will help to ensure that you ultimately make the right one for you and your financial future.
Read more money-saving tips in this article: What You Can Do to Save Money on Everyday Household Items